ELI LILLY & Co — Director's Dealing 2006

May 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-03

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-03	1-Common Stock	S	800	$52.23	Disposed	145920004	Direct
2006-05-03	2-Common Stock	S	600	$52.19	Disposed	145919404	Direct
2006-05-03	3-Common Stock	S	800	$52.18	Disposed	145918604	Direct
2006-05-03	4-Common Stock	S	1600	$52.17	Disposed	145917004	Direct
2006-05-03	5-Common Stock	S	2400	$52.16	Disposed	145914604	Direct
2006-05-03	6-Common Stock	S	4000	$52.15	Disposed	145910604	Direct
2006-05-03	7-Common Stock	S	1600	$52.14	Disposed	145909004	Direct
2006-05-03	8-Common Stock	S	800	$52.13	Disposed	145908204	Direct
2006-05-03	9-Common Stock	S	1000	$52.11	Disposed	145907204	Direct
2006-05-03	10-Common Stock	S	800	$52.10	Disposed	145906404	Direct
2006-05-03	11-Common Stock	S	800	$52.09	Disposed	145905604	Direct
2006-05-03	12-Common Stock	S	1600	$52.08	Disposed	145904004	Direct
2006-05-03	13-Common Stock	S	1600	$52.07	Disposed	145902404	Direct
2006-05-03	14-Common Stock	S	1700	$52.06	Disposed	145900704	Direct
2006-05-03	15-Common Stock	S	4900	$52.05	Disposed	145895804	Direct
2006-05-03	16-Common Stock	S	10700	$52.04	Disposed	145885104	Direct
2006-05-03	17-Common Stock	S	14900	$52.03	Disposed	145870204	Direct
2006-05-03	18-Common Stock	S	24800	$52.02	Disposed	145845404	Direct
2006-05-03	19-Common Stock	S	25300	$52.01	Disposed	145820104	Direct
2006-05-03	20-Common Stock	S	21800	$52.00	Disposed	145798304	Direct
2006-05-03	21-Common Stock	S	12200	$51.99	Disposed	145786104	Direct
2006-05-03	22-Common Stock	S	15600	$51.98	Disposed	145770504	Direct
2006-05-03	23-Common Stock	S	7100	$51.97	Disposed	145763404	Direct
2006-05-03	24-Common Stock	S	20600	$51.96	Disposed	145742804	Direct
2006-05-03	25-Common Stock	S	11200	$51.95	Disposed	145731604	Direct
2006-05-03	26-Common Stock	S	3200	$51.94	Disposed	145728404	Direct
2006-05-03	27-Common Stock	S	1600	$51.93	Disposed	145726804	Direct
2006-05-03	28-Common Stock	S	1600	$51.92	Disposed	145725204	Direct
2006-05-03	29-Common Stock	S	900	$51.91	Disposed	145724304	Direct
2006-05-03	30-Common Stock	S	1900	$51.90	Disposed	145722404	Direct